this post was submitted on 27 Oct 2023
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692
Elon Musk gives X employees one year to replace your bank - ‘You won’t need a bank account... it would blow my mind if we don’t have that rolled out by the end of next year.’ (www.theverge.com)
submitted 10 months ago by [email protected] to c/[email protected]
334 comments fedilink hide all child comments
 

“If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”

Well that sounds terrifying!

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[–] [email protected] 22 points 10 months ago* (last edited 10 months ago) (4 children)

Somehow services like PayPal manage to avoid being regulated like a bank. I'm sure they'll ~~clobber~~ cobble together some potentially unlawful solution and not face any repercussions for it.

[–] [email protected] 28 points 10 months ago

Paypal is a bank here in europe. Hope musXk leaves Europe.

[–] [email protected] 25 points 10 months ago

iirc the money storage aspect of PayPal has to be regulated as a bank.

[–] [email protected] 12 points 10 months ago (2 children)

I think because they're a payment processor. Banks store large amounts of money, make loans, etc.

[–] [email protected] 18 points 10 months ago

It's going to be like a crypto or PayPal wallet where you can store a balance, it's just not insured or regulated like a bank.

I saw an article a while ago where a concerning amount of people were doing that instead of a bank account.

[–] [email protected] 3 points 10 months ago

They issue credit and lenders finance this. There's always a bank.

[–] [email protected] 10 points 10 months ago (3 children)

Cobble?

[–] [email protected] 6 points 10 months ago (1 children)

The Things been put in charge of their legal team.

[–] [email protected] 3 points 10 months ago

It's cobblin' time

makes shoes

[–] [email protected] 4 points 10 months ago

Yes, jesus thank you. It was right on the tip of my tongue.

[–] [email protected] -2 points 10 months ago (1 children)

"Clobber" implies violence, which is somehow even less elegant than the standard phrase that the haphazard "cobble" implies. Given the shitshow of X so far, clobber probably works better even if it's not the usual way to phrase this at all.

[–] [email protected] 4 points 10 months ago

And despite cobble and clobber implying violence and inelegance, cobblers are either some of the best versions of pies or the people that maintain your fanciest of shoes.